Business, 15.04.2020 01:35 PersonPerson13260

A firm faces the following average revenue (demand) curve: P  120  0.02Q where Q is weekly production and P is price, measured in cents per unit. The firm’s cost function is given by C  60Q  25,000. Assume that the firm maximizes profits. a. What is the level of production, price, and total profit per week? b. If the government decides to levy a tax of 14 cents per unit on this product, what will be the new level of production, price, and profit?

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A firm faces the following average revenue (demand) curve: P  120  0.02Q where Q is weekly product...

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